HAIG Gardens near Haig Road has been sold collectively for $44 million, six months after being put up for sale.
Each of the 54 owners at the freehold development stands to reap $760,000 to $918,000 for their homes. And that is about 35 per cent to 40 per cent more than what the owners could expect to get if they sold their home individually.
However, the sale price is below the $50 million the owners failed to get in a tender held earlier this year and the $62 million price they wanted in an earlier sale attempt in 1999.
Yesterday, Credo Real Estate said it had sold the development via a private treaty to Hoi Hup Realty.
The sale price includes an increased development charge of about $10.3 million and works out to $365 per sq ft of potential gross floor area. At this price, the developer should be able to break even at about $620 per sq ft, said Credo.
It can build an 18-storey condominium with about 118 units of an average size of 1,200 sq ft.
Although Haig Gardens is in the Tanjong Katong area, most of the collective sale deals done this year have been in prime areas.
'Prices of prime collective sale sites are hitting very high levels so some developers are shifting their attention, though selectively - to sites in the city fringes and suburban areas,'' said Credo executive director Tan Hong Boon.
Over at Leonie Hill Road, the freehold Futura has been put up for collective sale at $295 million in a tender that closes on Oct 19.
The price is near recent done deals in the area such as Grange Tower. The breakeven cost for a new condominium will work out to about $1,650 per sq ft, said DTZ Debenham Tie Leung, which is marketing the site.
The site can take a 36-storey new condominium with about 137 units.
There is no development charge for the 87,034 sq ft site, which is off Grange Road.
Futura has 69 apartments and three penthouses. If it is sold at the price the owners asked for, they can expect a 70 per cent gain, said DTZ.
JOYCE TEO
